HDFC Life Click 2 Protect Life

HDFC Life Click 2 Protect Life

Change is the only constant. In a world evolving at an accelerating pace, it is only reasonable that you keep up with the times, or fear being left behind. Keeping up with the changing times, HDFC Life is proud to present Click 2 Protect Life, an intelligent term plan that provides benefits as per your altering lifestyle and life stage needs and helps you stay truly protected.

Why you need this Plan ?
a. Auto balances Death and Critical Illness cover^
b. Income payouts from age 60 onwards#
c. Option to reduce Premium Payment Term from regular Pay to Limited Pay
^Available under Life & CI Rebalance option. Critical Illness cover increases at each policy anniversary with corresponding reduction in Life Cover.
#Available under Income Plus option. Monthly income payouts start from the policy anniversary following 60th birthday of the Life Assured and continue until death or policy maturity.

Features
1. Provides comprehensive financial protection to your family
2. Option to choose a cover which fits your needs from 3 plan options
3. Auto balances Death and Critical Illness benefits with increasing age6
4. Get income payouts from age 60 onwards under Income Plus Option
5. Option to avail cover for Whole of Life5
6. Get back all premiums paid on survival till maturity with Return of Premium option4
7. Waiver of Premium on diagnosis of Critical Illness (through WOP CI option)7
8. Additional Sum Assured on Accidental Death (through ADB option)3

Plan Options

HDFC Life Click 2 Protect Life provides you with 3 plan options

1. Life Protect option



2. Life & CI Rebalance Option



3. Income Plus Option



Choose protection cover that best fits your needs



Benefits

Benefits Available Under HDFC Life Click 2 Protect Life

1. Life Protect option

Under this plan option, you are covered for death during the policy term. In case of your unfortunate demise during the policy term, your nominee gets a lump sum benefit.

Death Benefit:

"Death Benefit" is payable as a lump sum to your Nominee if you, the Life Assured die during the policy term. It is the higher of:

Sum Assured on Death8
105% of Total Premiums Paid9
Sum Assured on Death for Single Pay (SP) is the highest of:

125% of Single Premium
Sum Assured on Maturity10
Basic Sum Assured12
Sum Assured on Death for other than Single Pay (Limited Pay and Regular Pay) is the highest of:

10 times of the Annualized Premium11
Sum Assured on Maturity10
Basic Sum Assured12

Maturity Benefit:

On survival until Maturity, Sum Assured on Maturity will be payable.

Sum Assured on Maturity will be equal to the Total Premiums Paid if ROP benefit is selected, Nil otherwise.

Upon the payment of death or maturity benefit as above, the policy terminates and no further benefits are payable.

2. Life & CI Rebalance Option

Under this plan option, Basic Sum Assured chosen by you will be split between Life Cover SA and Critical Illness SA (CI SA).

At the beginning of the cover, Life Cover SA is set at 80% of Basic Sum Assured and CI SA is set at 20% of Basic Sum Assured. For an in-force policy, at every policy anniversary, starting from the first policy anniversary, CI SA will increase every year and Life Cover SA will decrease by the same amount. This amount will be calculated as follows:

30% X Basic Sum Assured / Policy Term.

Basic Sum Assured (Life Cover SA + CI SA) will remain the same throughout the policy term.

Once a Critical Illness claim is made, the Life Cover SA will be fixed at the then applicable level and the same SA will continue until the end of policy term.

Death Benefit:

"Death Benefit" is payable as a lump sum to your Nominee if you, the Life Assured die during the policy term. It is the highest of:

Sum Assured on Death8
105% of Total Premiums Paid9
Life Cover SA
Sum Assured on Death for Single Pay (SP) is the higher of:

125% of Single Premium
Sum Assured on Maturity10
Sum Assured on Death for other than Single Pay (Limited Pay and Regular Pay) is the higher of:

10 times of the Annualized Premium11
Sum Assured on Maturity10

Benefit on diagnosis of Critical Illness:

On diagnosis of any of the covered critical illnesses, the applicable Critical Illness (CI) SA at the time of diagnosis of the disease, will be payable to you.

In addition, all future premiums payable under the plan will be waived off and the life cover continues.

Maturity Benefit:

On survival until Maturity, Sum Assured on Maturity will be payable.

Sum Assured on Maturity will be equal to the Total Premiums Paid if ROP benefit is selected, Nil otherwise.

Upon the payment of death or maturity benefit as above, the policy terminates and no further benefits are payable.

3. Income Plus Option

This option provides you with a life cover for the chosen policy term and regular monthly income from age 60 onwards along with a lump sum payout on maturity. Monthly income of 0.1% of the Basic Sum Assured shall be paid in arrears, starting from the policy anniversary following your 60th birthday and continues until your death or policy maturity, whichever occurs earlier.

Death Benefit:

"Death Benefit" is payable as a lump sum to your Nominee if you, the Life Assured die during the policy term. It is the higher of:

Sum Assured on Death8
105% of Total Premiums Paid9
less total Survival Benefits paid out till the date of death

Sum Assured on Death for Single Pay (SP) is the highest of:

125% of Single Premium
Sum Assured on Maturity10
Basic Sum Assured12
Sum Assured on Death for other than Single Pay (Limited Pay and Regular Pay) is the highest of:

10 times of the Annualized Premium11
Sum Assured on Maturity10
Basic Sum Assured12

Survival Benefit:

On your survival during the policy term provided all due premiums have been paid, an income equal to 0.1% of Basic Sum Assured will be payable to you at the end of every month, following policy anniversary after your attaining age 60 years, until death or end of the policy term, whichever occurs first.

Maturity Benefit:

For Fixed Term:

On Survival until Maturity, Sum Assured on Maturity will be payable.

Sum Assured on Maturity will be equal to Max (110% of Total Premiums Paid less total Survival Benefits paid out, 0)

For Whole Life: NIL

Upon the payment of death or maturity benefit as above, the policy terminates and no further benefits are payable.

Add-on benefits available under the Product:

Return of Premium (ROP) option
If you choose this plan option, you will have to pay an additional premium over and above the premium payable for the base plan option chosen and you will receive a return of 100% of the Total Premiums Paid as a lump sum, upon survival until maturity.

This option will be available only with Life & CI Rebalance and Life Protect (Fixed Term) options.

Waiver of Premium on CI (WOP CI) Option
If you choose this add-on option, all future premiums payable under the plan will be waived, if you, the life assured are diagnosed with any of the covered critical illnesses.

This option will be available only where PPT is at least 5 years and Life Protect Option with Fixed Term is selected.

An additional premium (over and above the premium payable for the base plan) will be payable if this add-on option is chosen.

Accidental Death Benefit (ADB) Option
If you choose this add-on option, an additional amount equal to 100% of Basic Sum Assured will be payable to the Nominee on your (Life Assured's) death due to accident during the policy term. This option will be available only where Life Protect Option has been selected.

An additional premium (over and above the premium payable for the base plan) will be payable if this add-on option is chosen.

Alteration of premium payment frequency
You have an option to alter the premium payment frequency during the premium payment term.

Option to reduce Premium Payment Term from Regular Pay to Limited Pay
You also have an option to convert the outstanding regular premiums into any limited premium period available under the plan options.

Eligibility



#Regular pay means when premium paying term is equal to policy term
*Limited pay means when premium paying term is less than policy term.
All ages are expressed as on last birthday. For all ages, risk commences from the date of inception of the contract.

Widen your risk cover by attaching riders
When you buy a term plan, you provide a basic protection cover to your family against any threat to your life; and the insurance company pays the sum assured to your nominee in the event of your death. But besides life, there are many other risks that loom over your family and threaten their future. This includes risks to your income and health. While it's impossible to cover each of these risks, the good news is that you can cover some of the major ones through riders that can be attached with a term plan. By buying them, you widen the financial security net for your family.

The threat of Income Risk
Life cover provides the basic sum assured to your nominee in the event of your untimely demise. But what if you are rendered incapacitated as a result of an accident or illness, and your earning capability is grossly hampered. Not only will your family have to undergo great hardship for your treatment, they will also have to manage the regular expenses. At such a circumstance life cover doesn't help. Put simply, if you were to be incapacitated but alive, your family would need financial support in terms of replacement of your income, something which a life insurance policy would not offer.

Additional security net from riders

Many insurance companies offer various riders, which are tailor-made to cover specific kinds of risks. Once the eventuality covered by the rider occurs, the benefits are paid. The most important and common riders available with a term plan are: critical illness benefit, accidental death benefit, accidental disability benefit and waiver of premium. For instance, if you meet with an accident, the treatment and rehabilitation would involve huge costs, which can suck up all the savings of your family. The family member might even be forced to borrow.

In case even after all the treatment they are not able to save you, the life cover may well fall short to cover your family's regular expenses. In case of permanent disability, it might be very difficult for you to be gainfully employed and support your family financially. Again, your family will have to bear hardships. But with riders, such as accidental death benefit and disability benefit, your family gets an additional sum, say in the case of death due to accident, and a steady stream of income for a long period, respectively.

Advantage of trigger-based payments
Unlike a regular health insurance plan which only reimburses or supports the treatment cost of the insured person, a rider - once triggered - gives a committed payout for the given conditions. This is helpful in the event of a disability or critical illness, where you not only need a lot of money for treatment, but also for taking care of the family expenses. Therefore, a benefit that pays you a large sum under few conditions through riders will immensely help your family cope up in adverse conditions and ensure that the progress to their dreams is not irreparably damaged.

The nominal costs edge
We are aware that among various types of life insurance plans, term plans provide the highest life insurance coverage at the most affordable premiums. Riders further add to the advantage since they cover other risks at nominal costs. In effect, what this does is it ensures that a wide range of risks get covered with you not having to dig deep in your pockets.

Calamity typically doesn't strike with a warning. A wide risk coverage consisting of a life cover from a term plan and riders makes sure that you can reclaim your life after a disaster and the momentum in your journey to your dreams.